Bank of Maldives (BML) has decided to introduce a dedicated card limit for student visa-related payments, aimed at assisting Maldivian students studying abroad.

BML spokesperson Mohamed Saeed said the initiative was introduced with support from the Maldives Monetary Authority (MMA) to facilitate access to foreign currency for students.

"With the assistance of MMA to provide foreign exchange to students for this purpose, the bank has decided to provide a limit on cards to all students from today onwards," Saeed said.

Previously, the bank granted additional card limits for students studying overseas on a case-by-case basis.

Under existing arrangements, students are allowed to use MVR-denominated cards for foreign currency transactions up to a limit of USD 1,200 per month.

The bank also facilitates telegraphic transfers (TT) from students' or parents' MVR accounts for tuition fees and other education-related expenses.

In addition, BML has arrangements that allow students studying abroad to transfer funds from their MVR accounts in the Maldives to accounts used overseas, providing continued access to money for tuition, accommodation and living expenses.

The bank said the measures are intended to make it easier for students to manage education-related expenses while studying abroad and assured customers that support for students would continue.